People will be facing increased costs on a number of items and services from today, including their council tax, mobile and broadband, while businesses face hikes in their energy bills.
Corporation tax is going up six percentage points today to 25% for business with profits exceeding £250,000.Tina McKenzie, policy chair at the Federation of Small Businesses , said:"This week sees the end of meaningful energy support for most small firms, alongside rising employment costs and increases to corporation tax.
Alex Veitch, director of policy at the British Chambers of Commerce , said:"Changes on corporation tax, water bills and the minimum wage are all extra costs that businesses have known were coming. But when piled on top of energy bills they make it a difficult start to the new financial year. "The government is unlikely to see the economic growth it desperately needs when so many businesses are still fighting to keep their heads above water."Businesses will see massive hikes in their energy bills because the government's energy bill relief scheme comes to an end today.
These included things such as easing the burden of VAT on energy bills and funding for improved business energy efficiency.Most will have received £400 from the government in the form of discounts on energy bills from late last year - so about £67 a month. Well, your last instalment of that was in March - it's over now.
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